Home Ownership Among Young People Declining

More Young People Are Dealing with High Unemployment & Choosing to Move Back in With Parents

Economic Impacts

First of all, young people have less money and less stable employment. In 2011, the average unemployment rate for those between 20 and 24 was 14.6 percent, according to the Bureau of Labor Statistics, as compared to just 7.3 percent for those between 35 and 44. The national average for the year was 8.9 percent.

"The economic situation has been very difficult on new entrants to the workforce," said Michael Goodman, chairman of the Department of Public Policy at the University of Massachusetts at Dartmouth.

This situation means that, despite record-low interest rates and falling home prices, "there aren’t a whole lot of young people who are in a financial position to take advantage," Goodman said.

Sarah Shemkus is an award-winning freelance journalist, marketing enthusiast, accomplished baker, occasional globetrotter and total nerd (with a particular fondness for spreadsheets). Most recently, she reported on business and real estate … Read more...